Sen. Charles Schumer yesterday called for a federal investigation into why large oil companies have been unable to keep pace with consumer demand for gasoline.

Schumer (D-N.Y.) said he was specifically concerned because problems at aging refineries have been instrumental in hiking gas prices, which may be on the verge of setting records.

The senator said he would be asking the Government Accountability Office to look into whether oil companies are purposely underinvesting to keep the market tight.

Prices locally climbed from $2.54 to $3.19 for regular unleaded in Manhattan from Jan. 1 to May 1 – the highest average in the city – Schumer said, quoting the AAA.

The lowest prices in the city are in Brooklyn, where they have gone from $2.43 to $3.13 per gallon for regular over that span.

Schumer said prices could go as high as $4 a gallon before the year is out.

As instances of refinery breakdowns, Schumer gave a fire last week at an Iowa oil-storage facility, which produced 50,000 barrels a day, and a disruption at a BP plant in Indiana, which produces 420,000 a day.